US Senate approves stimulus plan

News Resource BBC

The US Senate has passed an economic stimulus plan expected to cost some $838bn (£573bn).

The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it.

Tough negotiations are now expected in order to reconcile the Senate bill with the House of Representatives's version.

President Barack Obama welcomed the vote as a good start. It came as the US Treasury Secretary unveiled a bank bail-out plan worth some $1.5 trillion.

'No assurance'

The president, who says the stimulus measure is needed to create up to four million jobs and lift the economy, has said he wants the final package to reach his desk by 16 February.

Speaking at a public event in Fort Myers, Florida, Mr Obama said the passage of the Senate legislation was "good news" but warned there was still work to do.